Executive Summary
USDS supply fell $892.70M in a day, more than its entire seven-day decline, while USDe added $361.59M. A $1B USDS day would turn the contraction into rotation.
USDS net burned $858.65M over the 24 hours ending 05:00 UTC, a pressure score of -100 against its 30-day baseline. Its supply series, a separate pipeline, shows outstanding tokens down $892.70M in one day, more than the $815.38M decline across seven, so the earlier six days were net positive by about $77M. Neither count establishes why the tokens were retired.
USDe moved the opposite way on both feeds: $340.93M of net mints and $361.59M of added supply on the day. The Bank Run Gauge read -0.1, NEUTRAL, with flight-to-quality unavailable on incomplete valuation. USDT's supply is $3.09B lower over seven days at $176.77B, 7% under its 26 April record and well short of its largest single-week change, $8.46B.
PSI reads 87.7 against 87.6 yesterday, a ninth STEADY day; USDf, 54 bps below peg on $1.82B, remains its largest severity contributor. pmUSD trades at $0.563, 4,372 bps under peg on $50.23M. A single USDS day of $1B or more, roughly $107M beyond the latest print, would move its contraction from one heavy session to rotation.